PM, industry leaders to discuss rupee fall on July 29

Prime Minister Manmohan Singh will meet industry leaders on July 29 to discuss a sharp depreciation of the rupee and measures to correct a wide current account deficit, a government statement said on Monday, as the currency touched a record low.

The rupee fell to an all-time low of 61.21 on Monday, sparking speculation about potential measures from the Reserve Bank of India, including providing a special window for oil companies to buy dollars.

The RBI will meet officials from oil companies, the biggest buyers of dollars in domestic markets, later on Monday to discuss their foreign exchange needs, two sources with direct knowledge of the matter told Reuters.

Image: Cycle rickshaws move past a display of rupee notes at a roadside currency exchange stall in the old quarters of Delhi; Photograph: Anindito Mukherjee/Reuters